{ "data_version": "seed-0.7 · marketcap-1 · 2026-08-30", "source": { "name": "DefiLlama", "url": "https://defillama.com/stablecoins" }, "license": { "finance_foundation_data": "CC BY 4.0 — attribution: Finance Foundation (https://finance.foundation)", "upstream_values": "Fields sourced from a provider carry their own source field and remain under that provider's terms — see https://finance.foundation/api/v1/sources" }, "note": "Circulating supply on chain, aggregated by DefiLlama across each token's deployed chains. This is the size of the instrument, not a statement about the issuer's reserves or backing. The 7d and 30d changes are the provider's own prior-period figures, not computed from a series we store.", "total": { "date": "2026-09-02", "total": 311228897079.67487, "coins": 421, "retrieved_at": "2026-09-02T15:18:08.072Z" }, "count": 32, "detail_note": "What backs each token is not the aggregator's three-way label, which misclassifies several: it calls USDe crypto-backed when it is a delta-neutral position, and BUIDL fiat-backed when BUIDL is a fund share. Each description was researched from the issuer's own material and then put to a second reader asked to refute it. `is_security` marks the entries that are registered funds or notes rather than payment stablecoins. Contract addresses were verified against Ethereum mainnet on 2026-08-31 by calling symbol(), decimals() and totalSupply() at each address; `contract_verified` records that check rather than asserting trust.", "data": [ { "id": "1", "name": "Tether", "symbol": "USDT", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 183334742517.96118, "prev_day": 183264074996.08627, "prev_week": 183106140148.03418, "prev_month": 183304899609.88385, "price": 0.9995413337313396, "chains": [ "Tron", "Ethereum", "BSC", "Solana", "Arbitrum", "Polygon", "Aptos", "Plasma" ], "rank": 1, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 0.016280474848650694, "change_7d_pct": 0.12484691651639089, "asset": "tether-usdt", "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0xdAC17F958D2ee523a2206206994597C13D831ec7", "contract_verified": true, "native_chain": null, "issuer": "Tether International, S.A. de C.V.", "issuer_jurisdiction": "El Salvador (redomiciled from the British Virgin Islands; the wider group includes Tether Holdings Limited and Tether Operations Limited, BVI, with operations run from El Salvador since January 2025)", "collateral_model": "Cash and cash-equivalent reserve, but NOT a pure cash-and-T-bills book: majority US Treasury bills and overnight repo, plus material allocations to gold bullion, bitcoin and secured loans that a fiat-backed label conceals", "collateral_detail": "Per Tether's own Q2 2026 disclosure (as of 30 June 2026): ~$115B in US Treasuries, ~$18.8B in gold (over 146 tonnes), a bitcoin position (~98.9k BTC per press coverage of the same report), plus secured lending (reduced by ~$2.38B in the quarter) and other investments. Total assets ~$187.75B against ~$184.6B USD₮ outstanding, leaving an excess-reserve buffer of $4.11B — down from $8.23B at 31 March 2026.", "is_security": false, "is_yield_bearing": false, "attestation": "Quarterly agreed-upon-procedures/attestation reports by BDO (BDO Italia / BDO Advisory Services); Q2 2026 report published 31 July 2026. Materially upgraded in 2026: on 13 August 2026 Tether announced that KPMG US completed its first full annual financial-statement AUDIT, for the year ended 31 December 2025, on Tether International, S.A. de C.V., with an unqualified opinion and reserves exceeding liabilities by $6.814B — including physical inspection of the gold bars. This is the first full audit in the company's history; the quarterly BDO reports remain point-in-time attestations, not audits.", "regulatory_status": "No MiCA e-money-token authorisation — Tether declined to seek one, and USDT was delisted for EEA users by MiCA-licensed venues ahead of the 1 July 2026 grandfathering cliff. No NYDFS trust charter. Not a GENIUS Act permitted payment stablecoin; Tether's US-regulated token is the separate USAT, issued by Anchorage Digital Bank, N.A.", "note": "Three things the supply figure hides. (1) Reserves are not purely cash and T-bills — gold, bitcoin and secured loans are a real slice, so a 'fiat-backed' bucket overstates the match between assets and the dollar liability; the excess-reserve buffer halved in Q2 2026 to $4.11B against ~$184.6B outstanding. (2) The KPMG FY2025 audit (announced 13 Aug 2026) is a genuine step-change from the prior attestation-only history and post-dates most write-ups of USDT. (3) USDT cannot be offered to EEA retail by licensed venues under MiCA, and USDT is not the same instrument as Tether's US token USAT (launched 27 Jan 2026, issued by Anchorage Digital Bank, N.A., separate reserves and rails) — do not merge their figures. The exact issuing entity per chain is the one soft spot: the Ethereum contract predates the group's 2025 restructuring and El Salvador redomicile, and Tether has historically issued through Tether Limited; Tether International, S.A. de C.V. is the entity that publishes the attestations and was the audited entity, so it is the best-supported answer, but treat the entity-to-contract mapping as medium confidence." }, { "id": "2", "name": "USD Coin", "symbol": "USDC", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 73852988816.39586, "prev_day": 73539432803.76067, "prev_week": 73864753221.1245, "prev_month": 71957221435.43283, "price": 0.9996843737204361, "chains": [ "Ethereum", "Solana", "Hyperliquid L1", "Base", "Arbitrum", "Polygon", "BSC", "Avalanche" ], "rank": 2, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 2.6345755758011014, "change_7d_pct": -0.015926953270146725, "asset": "usd-coin", "issuer_company": "coinbase", "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48", "contract_verified": true, "native_chain": null, "issuer": "Circle Internet Financial, LLC (and Circle Internet Financial Europe SAS for the EEA); parent is Circle Internet Group, Inc.", "issuer_jurisdiction": "United States (Circle Internet Financial, LLC; Circle Internet Group, Inc. is US-listed) and France (Circle Internet Financial Europe SAS, ACPR-licensed electronic money institution)", "collateral_model": "Cash and short-dated US Treasuries held in reserve — a genuine payment stablecoin; the bulk sits in the Circle Reserve Fund, a registered Rule 2a-7 government money market fund, with the rest as segregated cash at regulated banks", "collateral_detail": "From the Deloitte-examined USDC Reserve Report for 31 March 2026: total reserve assets $77,125,330,954 against USDC in circulation of $77,049,290,538. Composition — Circle Reserve Fund $66,467,038,905 (US Treasury securities $24.91B at CUSIP-level detail, US Treasury repurchase agreements $40.76B, cash in fund $1.00B), plus $10.36B cash held at regulated financial institutions. The Circle Reserve Fund is a Rule 2a-7 government money market fund managed by BlackRock and custodied at BNY Mellon; Circle Internet Financial, LLC owns 100% of the equity interests in the Fund, held on behalf of USDC holders.", "is_security": false, "is_yield_bearing": false, "attestation": "Monthly EXAMINATION (not merely agreed-upon procedures) by Deloitte & Touche LLP under AICPA attestation standards, on Circle Internet Group, Inc. management's assertion that reserve fair value equals or exceeds USDC in circulation; reports carry two report dates per month and give CUSIP-level Treasury detail. Reports published openly on Circle's transparency page.", "regulatory_status": "MiCA e-money token — first global issuer to comply, via an EMI licence granted to its French subsidiary by the ACPR (1 July 2024). US state money transmitter licences. In July 2026 Circle received final OCC approval to establish First National Digital Currency Bank, N.A. (operating as Circle National Trust), which will custody and eventually manage the USDC reserve; Circle has said it plans to move USDC issuance to a New York limited-purpose trust company.", "note": "The cleanest case in this batch: a real payment stablecoin, monthly Deloitte examination, reserves that are what the label says. Two live caveats. (1) The issuing entity is in motion — the March 2026 attestation still names Circle Internet Financial, LLC and Circle Internet Financial Europe SAS, but Circle won final OCC approval (July 2026) for Circle National Trust and has stated an intent to shift issuance to a New York limited-purpose trust company, so the issuer field will need re-checking. (2) Holders earn nothing; the reserve yield accrues to Circle (now a listed company, NYSE: CRCL), which is the whole business model." }, { "id": "209", "name": "Sky Dollar", "symbol": "USDS", "peg_type": "peggedUSD", "mechanism": "crypto-backed", "circulating": 6631477016.711603, "prev_day": 6659447992.091201, "prev_week": 6602928913.461368, "prev_month": 6556825806.005938, "price": 0.9997839610600023, "chains": [ "Ethereum", "Arbitrum", "Solana", "Base", "OP Mainnet", "Unichain", "Avalanche" ], "rank": 3, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 1.138526673032649, "change_7d_pct": 0.4323551506367824, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0xdC035D45d973E3EC169d2276DDab16f1e407384F", "contract_verified": true, "native_chain": null, "issuer": "None — no legal issuing entity. USDS is minted by the Sky Protocol smart contracts, governed by SKY tokenholders (successor to MakerDAO). There is no company with a redemption obligation.", "issuer_jurisdiction": null, "collateral_model": "Mixed on-chain balance sheet, NOT simply overcollateralised crypto debt: majority is USDC held in the Peg Stability Module plus tokenised US Treasuries and allocator/agent strategies, with overcollateralised ETH/wstETH/wBTC vaults now a minority of backing", "collateral_detail": "Backing sits in five buckets: Sky Agent/allocator vaults (capital deployed into lending and yield strategies, the largest), PSM vaults (USDC held for instant 1:1 conversion — roughly 38% of backing as of March 2026 per third-party analysis), crypto vaults (ETH, wstETH, wBTC posted by borrowers, each independently overcollateralised with automated liquidation), RWA vaults (tokenised short-duration Treasuries and credit run by external managers), and a surplus buffer. Q2 2026 protocol collateral behind USDS and DAI together was reported around $12.3B.", "is_security": false, "is_yield_bearing": false, "attestation": "None published. There is no independent CPA attestation or audit of USDS backing. Sky relies on continuous on-chain verifiability — vault health, collateral ratios and PSM balances are inspectable in real time — but the growing tokenised-Treasury and allocator share carries the same off-chain trust assumptions as a fiat-backed model without the accompanying attestation.", "regulatory_status": "None. No MiCA authorisation, no trust charter, no money transmitter licence — issuance is by smart contract under DAO governance.", "note": "Two things a supply figure will not tell you. (1) 'Crypto-backed' is a poor label — a large share of USDS backing is USDC in the Peg Stability Module and tokenised Treasuries, so USDS inherits Circle's and the RWA managers' counterparty risk on top of its own; the overcollateralised-crypto-vault portion is the minority. (2) Unlike DAI, the USDS contract is an upgradeable proxy (UUPS/ERC-1967) with governance hooks that can support address freezing/blacklisting — a deliberate design change from DAI made to support RWA collateral. USDS itself pays no yield; holders must stake into sUSDS to earn the Sky Savings Rate. USDS converts 1:1 and fee-free with DAI in both directions, so USDS and DAI supply are not independent quantities and should not be summed as separate collateral pools." }, { "id": "5", "name": "Dai", "symbol": "DAI", "peg_type": "peggedUSD", "mechanism": "crypto-backed", "circulating": 4776468627.578949, "prev_day": 4793735529.967589, "prev_week": 4783320040.546081, "prev_month": 4802099946.387725, "price": 0.9997911711378653, "chains": [ "Ethereum", "Polygon", "Fantom", "BSC", "Arbitrum", "OP Mainnet", "PulseChain", "Avalanche" ], "rank": 4, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": -0.5337522978474553, "change_7d_pct": -0.14323551234404616, "asset": "dai", "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x6B175474E89094C44Da98b954EedeAC495271d0F", "contract_verified": true, "native_chain": null, "issuer": "None — no legal issuing entity. DAI is minted by the Maker/Sky protocol smart contracts under SKY governance.", "issuer_jurisdiction": null, "collateral_model": "Legacy claim on the same Sky balance sheet as USDS — historically overcollateralised crypto debt positions, but in practice now backed by the shared Sky collateral pool (PSM USDC, tokenised Treasuries, allocator strategies and crypto vaults) and freely convertible 1:1 into USDS", "collateral_detail": "DAI and USDS are claims on one pooled Sky collateral base — reported at roughly $12.3B of protocol collateral behind both tokens in Q2 2026. Composition is the same five-bucket mix described for USDS: allocator/agent vaults, PSM USDC, overcollateralised ETH/wstETH/wBTC vaults, RWA vaults and the surplus buffer. The pure 'ETH locked in a CDP' picture of DAI has not been accurate for years.", "is_security": false, "is_yield_bearing": false, "attestation": "None published. No independent CPA attestation or audit; verification is on-chain only (Sky dashboards, makerburn, block explorers).", "regulatory_status": "None. No authorisation of any kind; issuance is by smart contract under DAO governance.", "note": "DAI is now the legacy track, not the flagship. Sky's USDS replaced it in the 2024–25 rebrand and DAI upgrades 1:1 (fee-free, reversible) via the SkyMoneyConverter contract; several billion have migrated, roughly $4.4B of legacy DAI remains, and exchange liquidity has moved decisively to USDS — Binance converted custodied DAI to USDS and removed DAI spot pairs in April 2026. Do not add DAI and USDS supply as if they were separately collateralised: they are two claims on the same pool. One real distinction worth preserving: the DAI contract is not upgradeable and has no freeze or blacklist function, so unlike USDS it cannot be censored at the token level. DAI pays holders nothing; yield requires sDAI/DSR." }, { "id": "146", "name": "Ethena USDe", "symbol": "USDe", "peg_type": "peggedUSD", "mechanism": "crypto-backed", "circulating": 4238910529.5591116, "prev_day": 4115976063.2612257, "prev_week": 4072266433.814377, "prev_month": 3865298818.712602, "price": 0.9992852099578394, "chains": [ "Ethereum", "Solana", "Base", "Robinhood Chain", "Plasma", "TON", "BSC", "Monad" ], "rank": 5, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 9.665791142402457, "change_7d_pct": 4.092170747006942, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x4c9EDD5852cd905f086C759E8383e09bff1E68B3", "contract_verified": true, "native_chain": null, "issuer": "Ethena BVI Limited", "issuer_jurisdiction": "British Virgin Islands", "collateral_model": "Delta-neutral synthetic dollar — volatile spot assets paired with roughly equal-notional SHORT perpetual futures so the combined position is delta-neutral, alongside unhedged liquid stablecoins and short-duration tokenised RWAs. It is neither fiat-backed nor overcollateralised crypto debt.", "collateral_detail": "Per Ethena's backing-assets documentation, holdings fall into: spot crypto hedged with short perpetual futures (the historic core, the 'crypto basis trade'); liquid stablecoins held to support redemptions and hedging efficiency; tokenised real-world assets including short-duration government debt and high-liquidity credit; overcollateralised DeFi lending positions; overcollateralised institutional lending; and non-crypto basis trades. Backing assets stay with off-exchange custody providers — Ethena states it 'delegates, but never transfers custody of, backing assets to derivatives exchanges'.", "is_security": false, "is_yield_bearing": false, "attestation": "Continuous transparency dashboard plus proof-of-reserves reporting rather than a monthly CPA examination: weekly proof-of-reserves involving Harris & Trotter LLP alongside Chaos Labs, LlamaRisk and Chainlink, with monthly custodian attestations (Kraken Custody joined the process in January 2026). This verifies that backing exists and is hedged; it is not an accountant's opinion on a fiat reserve in the sense Deloitte gives Circle.", "regulatory_status": "None, and one authorisation actively surrendered. Ethena GmbH withdrew its MiCA application on 3 April 2025 after BaFin barred the public offering of USDe in Germany, froze reserve assets and ordered the issuance wound up; redemption claims moved to Ethena BVI Limited from 7 August 2025. USDe has no MiCA authorisation and cannot be offered to EU residents. Under the terms, only whitelisted KYC'd 'Mint Users' may mint or redeem directly, and US persons are not eligible.", "note": "The aggregator's 'crypto-backed' label is wrong and the error is consequential. USDe's failure mode is not a collateral shortfall but a sustained funding-rate inversion — persistently negative perpetual funding bleeds the hedge — compounded by exchange and custodian counterparty risk and by liquidation risk on the short leg. It survived a real stress test: during the 10–11 October 2025 crash USDe printed as low as ~$0.6567 on Binance while trading near $0.99 on Curve, a single-venue liquidity and oracle break rather than a protocol insolvency; Ethena published an unscheduled proof-of-reserves showing surplus backing, and in November 2025 proposed buying and burning discounted USDe (up to ~1.2% of backing) during severe dislocations. Two further traps: USDe itself pays holders nothing — Ethena's terms state it 'is not designed to intrinsically create returns for holders'; the yield lives in the separate sUSDe wrapper, so do not treat USDe supply as yield-bearing. And Ethena's US-facing GENIUS-oriented product USDtb (issued with Anchorage Digital, backed largely by a tokenised money market fund) is a different token with a different collateral model — do not conflate it with USDe. I mark is_actually_a_security false because USDe is not a registered fund or note, but note that BaFin flagged unregistered-securities concerns about how it was distributed in the EU." }, { "id": "262", "name": "World Liberty Financial USD", "symbol": "USD1", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 4211132753.586076, "prev_day": 4210964571.5450277, "prev_week": 4075240025.4223156, "prev_month": 4012349857.533354, "price": 0.999302152630257, "chains": [ "Ethereum", "BSC", "Solana", "Aptos", "Tron", "Monad", "Plume Mainnet", "Abcore" ], "rank": 6, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 4.9542762498514135, "change_7d_pct": 3.334594461087667, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x8d0D000Ee44948FC98c9B98A4FA4921476f08B0d", "contract_verified": true, "native_chain": null, "issuer": "BitGo Bank & Trust, National Association (converted from BitGo Trust Company, Inc. in December 2025); USD1 is a product of World Liberty Financial LLC, which does not itself issue or custody the token", "issuer_jurisdiction": "United States — OCC-chartered national trust bank (previously a South Dakota state trust company)", "collateral_model": "USD1 reserves are, in practice, a single US government money market fund (CUSIP 31607A703) plus US dollar demand deposits — the fund has been roughly 75-100% of reserves in every monthly report from April 2025 to July 2026, with zero direct Treasury holdings. Short-term US Treasuries and reverse repo fully collateralized by Treasuries are permitted under BitGo's terms but have never been held. Assets sit in segregated accounts at third-party regulated US financial institutions, titled to the issuer for the benefit of USD1 holders; holders' redemption rights are contractual and confer no security or property interest in any specific reserve asset. The token itself is a payment stablecoin, not a fund share.", "collateral_detail": "Issuer disclosure: 100% backed by short-term US government Treasuries, US dollar deposits and other cash equivalents, with Treasury exposure held partly through government money market funds. All reserve assets are held or maintained by BitGo. Supply reported above $4.3B.", "is_security": false, "is_yield_bearing": false, "attestation": "Monthly limited-scope reserve attestation — an independent accountant's examination of management's assertion under the AICPA 2025 Criteria for Stablecoin Reporting: Specific to Asset-Backed Fiat-Pegged Tokens (Part I), not a financial-statement audit. The firm is named on every report: Crowe LLP signed April 2025 through May 2026; KPMG LLP signed from June 2026 onward. Reports are published by the issuer, BitGo, at bitgo.com/usd1/attestations (PDFs on landing.bitgo.com), and mirrored by link from World Liberty Financial's docs; the series runs April 2025 through July 2026 as of 2026-08-31. Each report covers two point-in-time dates per month (mid-month and month-end). Supplemented since roughly February 2026 by a Chainlink-powered live proof-of-reserves dashboard, which is an oracle publication of issuer-supplied data, not an accountant's opinion.", "regulatory_status": "Issued by an OCC-chartered national trust bank (BitGo Bank & Trust, N.A.), structured to the GENIUS Act framework for payment stablecoins. On 14 August 2026 the OCC granted PRELIMINARY conditional approval (Corporate Decision #1385) to charter World Liberty Trust Company, N.A. (Bay Harbor Islands, Florida, a subsidiary of WLTC Holdings LLC), which intends to acquire USD1 reserve assets and liabilities from BitGo and take over issuance and redemption. That transfer has not happened — final approval requires all pre-opening conditions to be met.", "note": "The issuer is about to change, and most sources get this wrong in one direction or the other. As of today the OCC's own decision letter names BitGo Bank & Trust, N.A. as 'the current exclusive issuer and custodian for USD1'; World Liberty Financial LLC (a Florida LLC, and the brand everyone attributes the token to) is the product owner, not the issuer. World Liberty Trust Company, N.A. holds only preliminary conditional approval to assume that role. BitGo's parent, BitGo Holdings, Inc., listed on the NYSE (BTGO) on 22 January 2026, so the issuer's parent is a public company — but WLF itself is private, and its association with the Trump family is the reason this token attracts political scrutiny that has nothing to do with its reserve quality. Reserve yield accrues to the sponsor, not to holders. The attesting firm not being named in issuer documentation is the weakest link in USD1's disclosure." }, { "id": "286", "name": "Global Dollar", "symbol": "USDG", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 3158628078.9182043, "prev_day": 3278627370.2165623, "prev_week": 3323072397.2469964, "prev_month": 3358101233.9772453, "price": 1.0000581519853489, "chains": [ "X Layer", "Solana", "Robinhood Chain", "Ethereum", "Ink", "Hyperliquid L1" ], "rank": 7, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": -5.940057823176175, "change_7d_pct": -4.948562615278145, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0xe343167631d89B6Ffc58B88d6b7fB0228795491D", "contract_verified": true, "native_chain": null, "issuer": "Paxos Digital Singapore Pte. Ltd. (PDS); USDG issued into the EU by Paxos Issuance Europe Oy (PIE)", "issuer_jurisdiction": "Singapore — Major Payment Institution supervised by the Monetary Authority of Singapore; EU issuance from Finland under FIN-FSA supervision", "collateral_model": "Fiat-backed payment stablecoin: 1:1 claim on cash and cash-equivalent reserve assets (USD deposits and short-dated US government instruments) held in segregated accounts, redeemable at par from Paxos", "collateral_detail": "Paxos states reserves are cash and cash equivalents held in segregated accounts, published in a monthly reserve-composition report; the EU issuer (Paxos Issuance Europe Oy) holds a portion of the reserve with European banking partners to meet MiCA's local-holding rules. Line-item composition was not shown on the pages I read — only the monthly reports carry it.", "is_security": false, "is_yield_bearing": false, "attestation": "Monthly third-party attestation, publicly posted at paxos.com/usdg-transparency. Paxos states reports posted on or after 27 Feb 2026 are issued by KPMG LLP; earlier USDG reports were issued by Enrome LLP.", "regulatory_status": "Singapore: issuer is a MAS-supervised Major Payment Institution, positioned against MAS' stablecoin framework. EU: USDG is issued as a MiCA-compliant e-money token by Paxos Issuance Europe Oy under FIN-FSA. No US issuance of USDG.", "note": "USDG's distinguishing feature is economic, not structural: through the Global Dollar Network, Paxos shares reserve income with distribution partners (exchanges, wallets, fintechs — 130+ reported by mid-2026), and some partners pass that through to end users as an \"earn\" rate. The token itself pays holders nothing; do not read partner earn rates as a property of USDG. Two separate issuers exist behind one ticker (Singapore PDS and EU PIE), which matters for who you actually have a redemption claim on. Natively issued on Ethereum, Solana, Arbitrum, Ink, X Layer and Robinhood Chain; LayerZero/USDG0 omnichain representations on other chains are bridged forms, not the native token. Paxos' ultimate parent is Kabompo Holdings, Ltd. (Cayman Islands), a private company." }, { "id": "120", "name": "PayPal USD", "symbol": "PYUSD", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 2759469170.035385, "prev_day": 2879409832.9186172, "prev_week": 2766466565.8060303, "prev_month": 2698344309.9771605, "price": 0.999768884888737, "chains": [ "Ethereum", "Solana", "Arbitrum", "Flow", "Polygon", "Sei", "Berachain", "Cardano" ], "rank": 8, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 2.2652728131178357, "change_7d_pct": -0.25293621318739484, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x6c3ea9036406852006290770BEdFcAbA0e23A0e8", "contract_verified": true, "native_chain": null, "issuer": "Paxos Trust Company, N.A. (converted from Paxos Trust Company, LLC, a New York trust company; PayPal is the brand owner and distributor, not the issuer)", "issuer_jurisdiction": "United States — OCC-chartered uninsured national trust bank (New York, NY), Charter No. 25379; previously a NYDFS-chartered limited purpose trust company", "collateral_model": "Fiat-backed payment stablecoin: 1:1 redeemable claim backed by US dollar deposits, short-term US Treasuries, Treasury repurchase agreements and cash equivalents", "collateral_detail": "Paxos states PYUSD is 100% backed by US dollar deposits, short-term US Treasuries, Treasury repo and cash equivalents, with holdings detailed in the monthly reserve report.", "is_security": false, "is_yield_bearing": false, "attestation": "Monthly attestation under AICPA standards, published at paxos.com/pyusd-transparency. Reports dated on or after 28 Feb 2025 are issued by KPMG LLP; earlier reports by WithumSmith+Brown, PC. Paxos also self-publishes a reserve composition report ~5 business days after month end that is not itself independently reviewed.", "regulatory_status": "OCC supervision as a national trust bank: the OCC conditionally approved Paxos Trust Company, LLC's conversion on 12 Dec 2025 (OCC control no. 2025-Conversion-342828), operating as Paxos Trust Company, National Association; the charter application expressly covered stablecoin issuance and reserve management. Some Paxos pages still describe NYDFS as prudential regulator, reflecting the pre-conversion state. Sits inside the US GENIUS Act payment-stablecoin framework (enacted July 2025), which bars issuers from paying yield to holders.", "note": "The issuer is Paxos, not PayPal — a reader seeing PayPal's NYSE listing next to PYUSD is looking at the distributor, not the entity holding the reserves. PayPal/Venmo have paid rewards on PYUSD balances; that is a PayPal promotion, not a property of the token, which pays holders nothing. Operational risk is real and has fired once: on 15 Oct 2025 Paxos mistakenly minted 300 trillion PYUSD on Ethereum (a transfer typo) and burned it roughly 20–30 minutes later; no customer funds were lost but several DeFi venues froze PYUSD deposits. Native deployments per Paxos docs: Ethereum, Solana, Arbitrum, Polygon PoS and X Layer, each with its own supply-control contract." }, { "id": "173", "name": "BlackRock USD", "symbol": "BUIDL", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 2751799227.2804494, "prev_day": 2801529308.910449, "prev_week": 2783104636.9404488, "prev_month": 2685710780.040449, "price": 1, "chains": [ "Ethereum", "Solana", "Avalanche", "Aptos", "BSC", "OP Mainnet", "Arbitrum", "Polygon" ], "rank": 9, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 2.4607432688267683, "change_7d_pct": -1.1248376810731182, "asset": null, "issuer_company": "blackrock", "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x7712c34205737192402172409a8F7ccef8aA2AEc", "contract_verified": true, "native_chain": null, "issuer": "BlackRock USD Institutional Digital Liquidity Fund Ltd. (manager: BlackRock Financial Management, Inc.; transfer agent and tokenisation platform: Securitize / Securitize Transfer Agent LLC; placement agent: Securitize Markets, LLC)", "issuer_jurisdiction": "British Virgin Islands — the fund is a BVI company on the BVI Financial Services Commission's regulated-entities register; offered into the US under a Securities Act Regulation D exemption with an Investment Company Act Section 3(c) exemption (SEC Form D filed 18 Mar 2024, accession 0002014390-24-000001)", "collateral_model": "Tokenised money-market fund SHARE, not a payment stablecoin. Each token is one share of a BVI private fund investing 100% of assets in cash, US Treasury bills and repurchase agreements, seeking a stable $1.00 NAV per share that the issuer explicitly does not guarantee. Dividends accrue each calendar day to the holder of record at 3:00pm ET and are paid the following business day as newly minted BUIDL tokens (monthly payment applied only at the March 2024 launch). There is no 1:1 issuer redemption promise: redemption is at fund NAV through Securitize as transfer agent, available each business day for requests received in good order between 8:00am and 3:00pm ET, behind an eligible-investor gate (Rule 506(c) accredited + ICA 3(c)(7) qualified purchasers, $5m initial minimum, transfers only to whitelisted wallets).", "collateral_detail": "Fund portfolio of short-term US Treasury bills, overnight repurchase agreements and cash; custody and fund administration by The Bank of New York Mellon.", "is_security": true, "is_yield_bearing": true, "attestation": "No stablecoin-style reserve attestation exists — do not record a reserve-attestation regime for BUIDL. Assurance is fund-style: (1) Securitize Transfer Agent, LLC, an SEC-registered transfer agent (file 084-06638), maintains the Fund's official ownership record, and the blockchain balances are a mirror of that record, not the record itself; (2) The Bank of New York Mellon is custodian of the Fund's assets AND its administrator; (3) an independent annual audit exists — PricewaterhouseCoopers LLP was appointed the Fund's auditor per the BlackRock/Securitize launch announcement (named for the period ending 31 Dec 2024; whether the appointment continues for later years is unconfirmed here), and audited financials go to shareholders privately, not published. Any Chronicle Proof of Asset on-chain verification claim is unverified from primary sources and should be omitted.", "regulatory_status": "None as a stablecoin. It is a private securities offering: Reg D (Rule 506) exempt offering to eligible/qualified investors, ICA 3(c) exempt fund, BVI-registered fund; tokens transfer only between whitelisted, KYC'd wallets. Reported $100,000 minimum investment.", "note": "Calling BUIDL \"fiat-backed\" (as DefiLlama does) is wrong twice over: it is a security with a share price and a fund NAV, and its holder base is a whitelist of institutions, not the public. Supply figures are also easy to misread — BUIDL exists as multiple share classes across Ethereum, Aptos, Arbitrum, Avalanche, Optimism, Polygon (and BNB Chain per Nov 2025 reports), so the Ethereum contract is one class, not the fund. On 31 Aug 2026 Etherscan showed this contract at ~211.8M tokens across 58 holders, while press reporting put total fund AUM in the billions (~$5bn crossed in July 2026) — anyone equating this contract's supply with BUIDL's AUM will be off by an order of magnitude. A separate I-class token (BUIDL-I) also exists on Ethereum; I did not verify its address from an issuer source. BlackRock, Inc. (NYSE: BLK) is the manager's parent, but the issuing entity itself is a private BVI fund." }, { "id": "237", "name": "Circle USYC", "symbol": "USYC", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 2704388561.524483, "prev_day": 2763442617.6685853, "prev_week": 2925951051.9710975, "prev_month": 3014351876.934909, "price": 1.1359350351628617, "chains": [ "BSC", "Ethereum" ], "rank": 10, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": -10.282917458382677, "change_7d_pct": -7.572323887556369, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x136471a34f6ef19fE571EFFC1CA711fdb8E49f2b", "contract_verified": true, "native_chain": null, "issuer": "Hashnote International Short Duration Yield Fund Ltd. (\"SDYF\") — the fund whose shares the token represents; Circle International Bermuda Limited (CIBL) acts as token administrator/issuer of the token itself", "issuer_jurisdiction": "Cayman Islands — mutual fund licensed/registered with the Cayman Islands Monetary Authority; token administrator CIBL is licensed by the Bermuda Monetary Authority. Hashnote was acquired by Circle Internet Group in January 2025.", "collateral_model": "Tokenised money-market fund SHARE — not a payment stablecoin. The fund invests in short-dated US Treasury bills and reverse repurchase agreements collateralised by US government securities; the token's value accrues via a rising oracle-published price, with subscription/redemption at fund NAV rather than 1:1 par redemption.", "collateral_detail": "US Treasury bills plus overnight reverse repo backed by US government securities, executed through a prime-brokerage arrangement; assets earn approximately the overnight rate.", "is_security": true, "is_yield_bearing": true, "attestation": "No stablecoin reserve attestation is published. Transparency is fund-style: NAV-derived token price plus principal/interest are published once per business day to a Chainlink-interface oracle (Ethereum 0x74f2199AEb743f68f05943e5715A33EaF2b61f53), with a public JSON price-report API at usyc.hashnote.com/api/price-reports. The issuer names Cohen and Company as fund auditor and NAV Consulting as fund administrator and transfer agent; assets sit in segregated custodial accounts at prime broker Marex. Important caveat: naming an auditor is not the same as publishing an audit - no audited SDYF financial statements or attestation reports appear to be publicly downloadable, so do not upgrade this to 'regularly audited with published reports'. The separate 'externally audited' statement in the docs refers to a smart-contract security audit of the ERC-20, which is a different thing again from either a financial-statement audit or a reserve attestation.", "regulatory_status": "No stablecoin authorisation. CIMA-registered Cayman mutual fund; token administered by a BMA-licensed digital asset business; offered under Regulation S to non-US persons only, with holding and transfer gated by an on-chain allowlist (Entitlements contract) plus OFAC screening via oracle.", "note": "USYC in a stablecoin table is a category error: it is a permissioned Cayman fund share that only KYC'd, allowlisted wallets can hold or receive — an ordinary wallet cannot take delivery of it, so it is not a payment instrument and its \"supply\" is not liquid float. Its price is above $1 and rises with accrued yield, so quoting it at a $1 peg is wrong. Ownership note: the fund itself is private, but its token administrator and the acquiring group, Circle Internet Group, Inc., is NYSE-listed (hence the public-company flag = true, with that caveat). Also deployed on BNB Chain and Solana; heavily used as exchange collateral, which makes its balance sheet exposure sensitive to venue risk rather than to reserve shortfall." }, { "id": "250", "name": "Ripple USD", "symbol": "RLUSD", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 2387265279.8780375, "prev_day": 2263261881.6196094, "prev_week": 2078628777.849058, "prev_month": 1463659001.0804002, "price": 0.9999760308994509, "chains": [ "Ethereum", "XRPL" ], "rank": 11, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 63.102558595675426, "change_7d_pct": 14.848081837313595, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x8292Bb45bf1Ee4d140127049757C2E0fF06317eD", "contract_verified": true, "native_chain": null, "issuer": "Standard Custody & Trust Company, LLC (SCTC), a wholly owned Ripple subsidiary", "issuer_jurisdiction": "New York, United States — chartered and supervised by the New York State Department of Financial Services as a limited purpose trust company", "collateral_model": "Fiat-backed payment stablecoin: 1:1 claim on segregated reserves of US dollar deposits, short-dated US Treasury bills, government money market funds and overnight reverse repurchase agreements", "collateral_detail": "Per Ripple's documentation the reserve comprises US Treasury bills, government money-market funds, overnight reverse repo, and deposits at US state- or federally-chartered depository institutions, held in segregated accounts; BNY Mellon has been primary reserve custodian since July 2025. Ripple's transparency page as of 20 Aug 2026 showed $1,866.5M RLUSD circulating against $1,981.3M of reserve funds.", "is_security": false, "is_yield_bearing": false, "attestation": "Monthly reserve report by an independent US-licensed CPA firm under AICPA attestation standards, issued within 30 days of month end and published on Ripple's transparency page; Ripple's docs name Deloitte as the third-party accounting firm.", "regulatory_status": "NYDFS limited purpose trust company charter (issuer SCTC), launched with NYDFS approval on 17 Dec 2024. On 12 Dec 2025 the OCC conditionally approved Ripple National Trust Bank, which is intended to manage the RLUSD reserve and act as collateral trustee for holders — adding federal oversight on top of NYDFS. Ripple also reported preliminary (June 2026) and then full (July 2026) MiCA CASP authorisation from Luxembourg's CSSF; treat that as a CASP/services licence unless an e-money-token authorisation for RLUSD itself is confirmed.", "note": "Address trap worth flagging: RLUSD's Ethereum contract is NOT the address used on its other EVM chains — Ripple's docs give 0x8292bb45…17ed for Ethereum but a different shared proxy (0x8d58c0c6…258, per the same page) for Base, Ink, Optimism, Unichain and the XRPL EVM sidechain. Copying the wrong one across chains is the realistic failure mode here. RLUSD is dual-native on the XRP Ledger (issuer account rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De) and Ethereum, with L2 presence via Wormhole NTT, so a single-chain supply figure understates it. Issuer SCTC is private; parent Ripple Labs is also private, so no listed-company disclosure sits behind this token." }, { "id": "129", "name": "Ondo US Dollar Yield", "symbol": "USDY", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 2176123527.346676, "prev_day": 2175207274.25313, "prev_week": 2174904240.000792, "prev_month": 2146209706.7107925, "price": 1.1383668675173106, "chains": [ "Ethereum", "Stellar", "Sei", "Solana", "Mantle", "Sui", "Noble", "Osmosis" ], "rank": 12, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 1.3937976583718013, "change_7d_pct": 0.05606165657589606, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x96F6eF951840721AdBF46Ac996b59E0235CB985C", "contract_verified": true, "native_chain": null, "issuer": "Ondo Global Markets (BVI) Limited — issuer of USDY since 15 December 2025, when the previous issuer Ondo USDY LLC (Delaware bankruptcy-remote SPV) was folded into the Ondo Stocks structure", "issuer_jurisdiction": "British Virgin Islands special purpose vehicle (bankruptcy-remote, independent director, assets segregated from Ondo Finance, Inc. and the Ondo Foundation group); previously Delaware", "collateral_model": "Tokenised, overcollateralised SECURED NOTE — a debt claim on a bankruptcy-remote SPV, secured by a first-priority perfected security interest in short-term US Treasuries, shares of the iShares Short Treasury Bond ETF and demand deposits at insured US banks. Ondo states explicitly it is not a stablecoin: holders receive the yield, hold a security interest in the collateral, and an unmet redemption triggers an Event of Default and enforced wind-down rather than a par-redemption dispute.", "collateral_detail": "Short-term US Treasuries (documented as under ~6 months maturity), iShares Short Treasury Bond ETF shares depending on issuance date, and bank demand deposits; structurally overcollateralised — Ondo's documentation states $100 of USDY is secured by at least $103 of assets, and its own USDY page showed a collateralisation ratio of ~105.6% with roughly 97.8% in Treasuries when read on 31 Aug 2026.", "is_security": true, "is_yield_bearing": true, "attestation": "Daily and monthly attestation / transparency reports on USDY holdings and NAV, produced by an independent third-party verification agent, Ankura Trust Company, which also acts as Collateral/Security Agent holding the first-priority perfected security interest and acting under the governing control agreements. Ondo itself markets these as 'third-party reserve attestations published daily' / 'daily proof of reserves'. These are limited-scope attestations by a trust company, NOT a financial audit by an accounting firm. Separately, the Ondo Stocks issuer (Ondo Global Markets (BVI) Limited) states that full financial audits 'will be conducted annually by an independent audit firm' — a stated forward commitment at issuer level, not a published USDY reserve audit. Smart-contract audits (Spearbit, Cyfrin, listed at docs.ondo.finance/audits) are a separate thing again and must not be conflated with reserve assurance.", "regulatory_status": "No stablecoin authorisation and no securities registration: offered as a continuous Regulation S offering to non-US persons only. US persons and US-located buyers are prohibited from subscribing, acquiring or redeeming, alongside a sanctions-driven prohibited-jurisdiction list (Canada is on it as well as the US); several jurisdictions apply qualified/professional-investor thresholds.", "note": "Three ways a supply table misleads on USDY. (1) It is a note, not a payment token, and Ondo says so in its own comparison table against stablecoins. (2) USDY is the accumulating version: its per-token price rises as yield accrues, so multiplying supply by $1 understates it — the $1.00 constant-price form is the separate rUSDY wrapper token at a different address. (3) The issuer changed on 15 Dec 2025 from Ondo USDY LLC to Ondo Global Markets (BVI) Limited, so any legal-entity field copied from pre-2026 sources is stale. Redemption for USD is by wire to non-US bank accounts only; USDC redemption runs through the BVI entity, with a $5,000 minimum for mint/redeem on non-Ethereum networks. Multichain: Ethereum, Solana, Arbitrum, BNB Chain, Mantle, Sui, Aptos, with Stellar, XRP, Noble and Tempo referenced in the docs." }, { "id": "14", "name": "USDD", "symbol": "USDD", "peg_type": "peggedUSD", "mechanism": "crypto-backed", "circulating": 1506792397.4745889, "prev_day": 1414774433.8942184, "prev_week": 1367485663.9070907, "prev_month": 1367975130.2065508, "price": 0.9990962488407552, "chains": [ "Tron", "Ethereum", "BSC", "Bittorrent" ], "rank": 13, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 10.147645538488554, "change_7d_pct": 10.187070858898814, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x4f8e5DE400DE08B164E7421B3EE387f461beCD1A", "contract_verified": true, "native_chain": null, "issuer": null, "issuer_jurisdiction": null, "collateral_model": "Overcollateralised crypto debt positions (a MakerDAO-fork CDP system: users lock collateral in vaults and mint USDD as debt), plus a Peg Stability Module that swaps USDD 1:1 against USDT and USDC", "collateral_detail": "Per the issuer's published collateral contracts: on Tron, TRX-A/B/C, sTRX-A, USDT-A, WBTC-A/B vaults and a PSM-USDT bucket; on Ethereum, ETH-A/B/C vaults, PSM buckets for USDT and USDC, and SA001-A, the 'Smart Allocator' — an ilk that deploys idle reserve capital into external lending venues such as Aave to generate yield. All collateral sits in publicly named on-chain contracts; there is no off-chain fiat reserve.", "is_security": false, "is_yield_bearing": false, "attestation": "None published. There is no third-party reserve attestation or proof-of-reserve report for USDD. What exists is smart-contract auditing only: ChainSecurity (USDD v2, PSM, Exchange — Tron, 24 Jan 2025), CertiK (Ethereum, 2 Sep 2025), ChainSecurity (Ethereum and BSC, 24 Oct 2025), all listed at docs.usdd.io/security/audits. Backing is instead meant to be verified directly on-chain via the published vault contract addresses.", "regulatory_status": "None. No authorisation of any kind. The USDD Terms of Use bar residents of the United States, United Kingdom, Hong Kong and Singapore, among others, from using the interface.", "note": "Two different USDD ERC-20 contracts exist on Ethereum and confusing them would be costly. The canonical one is the address above (USDD 2.0). The legacy token, branded 'USDDOLD' in the issuer's own docs, still lives at 0x0C10bF8FcB7Bf5412187A595ab97a3609160b5c6 — I read it on-chain: name 'Decentralized USD', symbol 'USDD', ~124.1M supply. It is a separate token with an open-ended 1:1 migration path, not a duplicate listing. USDDOLD was issued by TRON DAO Reserve, which was also its custodian, and was minted by whitelisted institutions by burning TRX — a partly algorithmic design that depegged in June 2022. USDD 2.0 (Jan 2025) replaced that with the CDP model. No legal issuing entity is named anywhere: the docs say only 'the USDD Team', and the ecosystem is run alongside TRON DAO and JUST DAO (Justin Sun's orbit). Distribution matters for anyone reading the Ethereum row: about 1.19B of the ~1.51B total sits on Tron and only ~268M is attributed to Ethereum by the aggregator — and that 268M does not reconcile with the combined on-chain totalSupply of the two known ERC-20s (~178.6M), so treat the per-chain split as unverified. The Smart Allocator means some collateral is not idle but lent out, which is a yield-strategy risk the label 'over-collateralised' hides." }, { "id": "336", "name": "United Stables", "symbol": "U", "peg_type": "peggedUSD", "mechanism": "crypto-backed", "circulating": 1271423229.4890897, "prev_day": 1274420692.7999406, "prev_week": 1281115027.5275073, "prev_month": 1102076444.0549426, "price": 0.9991544369502826, "chains": [ "BSC", "Ethereum", "Tron" ], "rank": 14, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 15.366155981980553, "change_7d_pct": -0.7565127119867058, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0xcE24439F2D9C6a2289F741120FE202248B666666", "contract_verified": true, "native_chain": null, "issuer": "United Stables Limited", "issuer_jurisdiction": "British Virgin Islands", "collateral_model": "Mixed fiat-and-stablecoin reserve, with composition undisclosed and not contractually fixed. Per the issuer's Terms, reserves may consist of cash, U.S. Treasury bills, and/or fiat-referenced stablecoins (e.g. USDT/USDC) — T-bills are permitted, not excluded. The issuer markets this as a 'Stablecoin-Inclusive Reserve' and states every $U is backed 1:1 by USD plus 'high-quality stablecoins'. Fiat is held at 'accredited banking institutions', digital-asset reserves with 'licensed and qualified custodians'. Neither a plain fiat-backed nor a plain crypto-backed label is accurate: the only published reserve evidence is denominated in USDT, so the crypto-backed component is real, while the issuer disclaims any assurance as to the actual mix at any given time.", "collateral_detail": "Issuer states every $U is backed 1:1 by USD held with accredited banking institutions plus 'audited stablecoins' — USDT, USDC and USD1 — held with licensed qualified custodians in segregated accounts. Eligible institutions mint by delivering USD or those same stablecoins through a United Stables Account, and redeem the same way. BNB Chain describes it as the first stablecoin on that chain to adopt a 'stablecoin-inclusive reserve model', i.e. other stablecoins are accepted directly as minting collateral.", "is_security": false, "is_yield_bearing": false, "attestation": "Very weak — weaker than the claim states. No independent accountant's attestation exists. The single reserve document (u.tech/assets/Dec 2025.pdf) is a custodian self-confirmation from CH Europe Digital Solution Sp. z o.o. (Ceffu), signed by Loh Teck, Director, dated 29 Dec 2025, covering only Ceffu off-exchange custody accounts and stating 'at least 409,900,018 USDT' as of 23:59 UTC 28 Dec 2025 — a USDT-denominated, single-custodian, point-in-time balance letter, not a reserve attestation over the whole float, and roughly eight months stale as of 31 Aug 2026 against a current float of ~1.29B. The only other document offered is a PeckShield smart-contract audit (20 Sep 2025), which covers code, not reserves. A live Chainlink Proof-of-Reserve feed exists (BSC 0xFa8e834DD2200923C706e6438d9030dB029B0c18, reading 1,285,690,817 updated 2026-08-30), but the issuer disclaims it: United Stables Limited 'does not represent, warrant, or guarantee the accuracy, completeness, timeliness, or reliability of any PoR data displayed', and publication 'does not create any legal obligation, fiduciary duty, or guarantee of redemption'.", "regulatory_status": "None, stated explicitly by the issuer. Its own site footer reads: 'United Stables Limited has not obtained registration, authorization, or licensing for $U under… the Markets in Crypto-Assets Regulation (MiCA) of the European Union, the Stablecoins Ordinance of Hong Kong (Chapter 656), the United States GENIUS Act of 2025, the Securities Act of 1933… or any securities or stablecoin laws of any U.S., EU member state, or Hong Kong jurisdiction.'", "note": "Launched 18 Dec 2025 and past $1B within seven months, so there is very little operating history behind the supply figure. Because the reserve is mostly other issuers' stablecoins, $U inherits their counterparty, freeze and blacklist risk rather than diversifying it — a Tether or Circle event, or an issue at World Liberty Financial's USD1, transmits straight through. Redemption is institutional only (KYB onboarding, minting portal); retail holders have no direct claim at par and depend on secondary-market arbitrage. Distribution is heavily concentrated in the Binance ecosystem (zero-fee BTC/$U pairs, Binance Earn up to 8% APR), and BSC holds ~979M of the ~1.27B supply against ~244M on Ethereum. Yields advertised (up to 25% APY on Trust Wallet, 11.36% on Bitway) come from third-party venues, not from the token. Address confidence is the reason this entry is medium rather than high: the on-chain identity is certain, the issuer's endorsement of that address is not, because they publish none." }, { "id": "347", "name": "USDGO", "symbol": "USDGO", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 1254801745.6308527, "prev_day": 1244770882.5494773, "prev_week": 1239848478.4017096, "prev_month": 1112948474.3446112, "price": 1.0002768006791756, "chains": [ "Solana" ], "rank": 15, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 12.74571775389472, "change_7d_pct": 1.2060560213308824, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": null, "contract_verified": false, "native_chain": "Solana", "issuer": "Anchorage Digital Bank, National Association", "issuer_jurisdiction": "United States — an OCC-chartered national trust bank. The brand owner and distributor, OSL Group, is Hong Kong-based and operates locally through OSL Digital Securities Limited, an SFC-licensed virtual asset trading platform operator.", "collateral_model": "Cash plus tokenised money-market fund shares held in reserve. This is a fiat-redeemable payment stablecoin, but its reserve is not directly-held Treasury bills — it is overwhelmingly composed of shares in tokenised MMFs, which are themselves securities.", "collateral_detail": "Issuer's transparency page, 28 Aug 2026: JPMorgan OnChain Liquidity-Token Money Market Fund (JLTXX) $679.08M / 54.17%; BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $462.41M / 36.89%; Goldman Sachs Stablecoin Reserves Fund (STBXX) $99.66M / 7.95%; plain USD $12.43M / 0.99%. Reserve data is supplied by Anchorage Digital; OSL disclaims warranty as to its accuracy.", "is_security": false, "is_yield_bearing": false, "attestation": "Monthly reserve attestations by an independent Big Four accounting firm under AICPA attestation standards, managed by Anchorage Digital and published at anchorage.com/platform/usdgo-reserve-attestations; the USDGO transparency page names Deloitte. Reports were listed through June 2026 at the time of checking. This is a genuine third-party attestation regime, unlike most entries in this batch.", "regulatory_status": "Issued by a federally chartered US bank supervised by the OCC — the strongest authorisation in this batch. Anchorage states it expects to become a permitted payment stablecoin issuer (PPSI) under the GENIUS Act once the implementing rules take effect; USDGO is designed to that standard but the PPSI designation is prospective, not yet held. Distribution in Hong Kong runs through SFC-licensed OSL Digital Securities Limited. USDGO is not registered under Hong Kong's Stablecoins Ordinance.", "note": "Do not put an Ethereum address in this row — there isn't one. Solana is the only supported chain as of the issuer's 28 Aug 2026 disclosure, with more 'in the future'. USDGO itself is a payment stablecoin, not a security, but its reserves are: over 99% of the backing is shares in three tokenised money-market funds (JPMorgan, BlackRock's BUIDL, Goldman's STBXX). Holders are therefore one layer removed from the underlying Treasuries and are exposed to fund-level NAV movement, dealing cut-offs and redemption mechanics that a cash-and-bills reserve would not carry. Note also the split identity that trips people up: OSL Group (HKEX: 863) is a listed public company, but it is the brand owner and distributor — it does not issue the token. The issuer is Anchorage Digital Bank N.A., whose parent Anchorage Digital is privately held, which is why issuer_is_public_company is false. Anchorage issues several unrelated stablecoins for different brand partners (USAT for Tether, USDtb for Ethena, USDGO for OSL); the issuer being the same does not make the tokens interchangeable." }, { "id": "246", "name": "Falcon USD", "symbol": "USDf", "peg_type": "peggedUSD", "mechanism": "crypto-backed", "circulating": 1175358246.5322661, "prev_day": 1174944955.2358923, "prev_week": 1174520103.2382832, "prev_month": 1257550321.8249357, "price": 0.9964114683121793, "chains": [ "Ethereum", "BSC" ], "rank": 16, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": -6.5358875797028775, "change_7d_pct": 0.07136048941794422, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0xFa2B947eEc368f42195f24F36d2aF29f7c24CeC2", "contract_verified": true, "native_chain": null, "issuer": "Falcon Digital Limited", "issuer_jurisdiction": "British Virgin Islands", "collateral_model": "Overcollateralised multi-asset synthetic dollar whose reserves are then run delta-neutral. Both mechanisms operate at once — the mint side imposes a collateral buffer, the reserve side runs basis and funding-rate strategies — so neither 'crypto-backed' nor 'delta-neutral' alone describes it correctly.", "collateral_detail": "Stablecoin deposits (USDT, USDC, DAI, USD1) mint roughly 1:1; volatile collateral (BTC, ETH, selected altcoins, and tokenised RWAs) requires an explicit overcollateralisation buffer. Reserves are then deployed into positive and negative funding-rate arbitrage, cross-exchange arbitrage and collateral staking. LlamaRisk's assessment of the reserve (Sept 2025) found Bitcoin at over 50% of reserves (~$900M+), USDT ~16%, other stablecoins bringing the stablecoin bucket to 20-40%, marginal positions in DOGE, FET, TRX, TON, NEAR and XDC, plus tokenised gold, stocks, treasuries and corporate credit.", "is_security": false, "is_yield_bearing": false, "attestation": "Real, and among the better regimes here. Weekly proof-of-reserve letters signed by HT Digital Ltd (England and Wales, reg. 15205809, part of the Harris & Trotter group, ht.digital), published on a live dashboard at app.falcon.finance/transparency, plus periodic ISAE 3000 (Revised) reasonable-assurance engagements by Harris & Trotter LLP - not a limited-scope review. Three assurance reports published to date: 28 July 2025 (the first; reserves USD 1,197.6m against 1,071.9m USDf issued), 31 Oct 2025 and 30 Apr 2026, so the 'quarterly' cadence has slipped. The first report's procedures did cover wallet ownership and control, collateral valuation, sampled user deposits and reserve sufficiency, and concluded the reserves report was fairly presented. Caveats: the weekly letters are far weaker than the quarterlies - the 8 July 2025 letter disclaims 'any procedures over the control and ownership of the above assets, nor any procedures over whether any security has been placed on these assets', and the current 24 Aug 2026 letter has narrowed even that wording to the security/encumbrance point only, relying on management representation that assets are segregated. The assurance opinions are point-in-time only, with an explicit scope limitation excluding any other date.", "regulatory_status": "None, stated by the issuer. Falcon's Terms and Conditions (last updated 11 August 2026) say plainly: 'Falcon Digital Limited… is not currently licensed by any regulatory authority.' Analysis of BVI law suggests VASP Act registration would be required if services are provided in or from within the BVI; none has been obtained.", "note": "Yield does not accrue to USDf itself — it accrues to sUSDf (0xc8CF6D7991f15525488b2A83Df53468D682Ba4B0), a separate staked wrapper. Mint and redemption are KYC-gated, so ordinary holders have no direct claim at par and the peg relies on secondary-market arbitrage; USDf trades slightly under $1 (~$0.996). The reserve's Bitcoin concentration above 50% is the dominant risk and is not visible in any 'crypto-backed' label; a second layer is the heavy USDT/USDC holding, which imports those issuers' risk. LlamaRisk also flagged custody concentrating into a single multisig from mid-July 2025. Falcon is associated with DWF Labs (Andrei Grachev is Managing Partner). One naming trap: Falcon and Anchorage Digital Bank launched a separate GENIUS-track token called fUSD — that is a different instrument with a different issuer and regulatory posture, and must not be merged into this row. Also distinguish from Astherus USDF (BSC, ~$114M), an unrelated token with a near-identical ticker." }, { "id": "118", "name": "GHO", "symbol": "GHO", "peg_type": "peggedUSD", "mechanism": "crypto-backed", "circulating": 697928423.2634202, "prev_day": 697928423.2634202, "prev_week": 697928423.2634202, "prev_month": 648005073.9598852, "price": 0.9984669860707014, "chains": [ "Ethereum", "Monad" ], "rank": 17, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 7.704160246533115, "change_7d_pct": 0, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f", "contract_verified": true, "native_chain": null, "issuer": null, "issuer_jurisdiction": null, "collateral_model": "Overcollateralised crypto debt positions — GHO is minted as debt by users borrowing against Aave v3 collateral, with no reserve pool and no issuer redemption promise; supplemented by a Stability Module that swaps GHO 1:1 against governance-approved stablecoins, and since Aug 2025 by an RWA-collateralised facilitator", "collateral_detail": "Backing is the pool of borrowers' overcollateralised Aave positions, not a reserve. Minting authority is delegated to governance-approved contract 'facilitators', each with a mint cap ('bucket capacity') set by Aave governance: the Aave v3 Ethereum market (user borrow-mint), the GHO Stability Module (GSM, which holds USDC/USDT and swaps them against GHO at governed ratios), the GhoFlashMinter for atomic arbitrage, and the Horizon market launched August 2025, which lets institutions mint GHO against tokenised real-world assets. The sum of facilitator buckets is the protocol maximum supply.", "is_security": false, "is_yield_bearing": false, "attestation": "None published, and in the ordinary sense not applicable — there is no off-chain reserve to attest, because there is no reserve. Backing is verifiable directly on-chain through facilitator bucket levels and Aave collateral positions. Smart-contract audits are published at https://github.com/aave/gho-core/tree/main/audits. Readers wanting comfort should note this is a genuinely different transparency model, not a missing one.", "regulatory_status": "None. There is no issuing entity to hold an authorisation. GHO is not an e-money token, holds no MiCA authorisation, and no NYDFS or state licence applies. Aave Labs (Avara) develops the software; the Aave DAO governs parameters through on-chain votes, with GHO Stewards adjusting rates and caps within pre-approved bounds.", "note": "The most important thing a reader can be told about GHO is that nobody owes them a dollar. There is no issuer, no reserve and no redemption right; the peg is maintained by borrower incentives, the interest rate set by governance, and the Stability Module's 1:1 swaps. The failure mode is a liquidation cascade or a collateral shortfall in Aave, not a run on a reserve — and GHO did in fact trade persistently below $1 through much of 2023-24 until the GSM and rate stewards were introduced. Two qualifications to the 'decentralised, overcollateralised' framing: the GSM leg means a slice of GHO is effectively backed by USDC and USDT, importing Circle's and Tether's counterparty and freeze risk into a token marketed as crypto-native; and the Horizon facilitator means some GHO is now minted against tokenised real-world assets rather than crypto. GHO itself pays nothing — the yield product is the separate Savings GHO (sGHO) wrapper. Ethereum-native, with bridged deployments on other chains." }, { "id": "214", "name": "USDX Money USDX", "symbol": "USDX", "peg_type": "peggedUSD", "mechanism": "crypto-backed", "circulating": 683442223.6265625, "prev_day": 0, "prev_week": 0, "prev_month": 0, "price": 0, "chains": [ "BSC", "Arbitrum", "Ethereum" ], "rank": 18, "retrieved_at": "2026-09-02T12:18:13.662Z", "change_30d_pct": null, "change_7d_pct": null, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0xf3527ef8dE265eAa3716FB312c12847bFBA66Cef", "contract_verified": true, "native_chain": null, "issuer": null, "issuer_jurisdiction": null, "collateral_model": "Delta-neutral synthetic dollar — spot crypto collateral hedged with short perpetual futures across centralised and decentralised exchanges. This is NOT overcollateralised crypto debt, and the aggregator's 'crypto-backed' label is wrong in exactly the way it is wrong for USDe: the failure mode is a hedge/funding failure, not a collateral shortfall.", "collateral_detail": "Users deposit USDT, USDC or USDe; the protocol runs a multi-coin basis-trade portfolio, holding spot assets against offsetting short derivatives positions on CEXs and DEXs, with backing assets stated to be held on-chain and off-exchange to limit counterparty risk. Direct mint and redeem are restricted to KYC/KYB-screened whitelisted institutions. The actual reserve composition was never published in verifiable form.", "is_security": false, "is_yield_bearing": false, "attestation": "None published — and this is the central fact about USDX, not a footnote. No proof-of-reserve and no third-party attestation was ever produced. The documentation promises to be 'as transparent as possible by providing proof of backing assets' but links none. Only smart-contract audits exist. After the collapse, holders publicly criticised precisely this absence of reserve reporting.", "regulatory_status": "None identified. No authorisation found from any regulator for this token. (Secondary sources describing Stables Labs as a 'MiCA-compliant issuer' could not be corroborated from any issuer or regulator document and should not be relied on.)", "note": "CRITICAL — the supply figure in this dataset is misleading to the point of being harmful. USDX collapsed. It depegged between 3 and 6 November 2025, falling to roughly $0.30 as liquidity evaporated, following the Balancer v2 exploit and the forced liquidation of Stables Labs' hedged BTC/ETH shorts. It has not recovered. On 31 Aug 2026 it trades at about $0.0096 — roughly 99% below peg — with a CoinGecko market capitalisation near $6.5M and 24-hour volume of about $2. The aggregator's ~$683M 'circulating supply' is a nominal token count valued at $1 apiece, not a dollar amount; DefiLlama itself returns no price for this token, which is the tell. Stables Labs announced a phased 'USDX Restoration Arrangement' referencing a return to $1 but explicitly guaranteeing nothing, and the issuer's own site usdx.money currently returns an HTTP 530 origin error. No legal entity is disclosed anywhere in the docs or terms — 'Stables Labs' is a brand, founded by Flex Yang. Yield accrued to the separate sUSDX wrapper (0x7788A3538C5fc7F9c7C8A74EAC4c898fC8d87d92), which shares the loss. Finally, a ticker collision: at least two unrelated tokens also use USDX — Hex Trust USDX (fiat-backed, Flare/Ethereum/Songbird, ~$17.8M) and Kava's USDX (~$10M). Any row labelled USDX must say which one it is." }, { "id": "195", "name": "Usual USD", "symbol": "USD0", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 548466839.0658596, "prev_day": 548707256.6899428, "prev_week": 549747390.682044, "prev_month": 552784065.4695396, "price": 0.9988408106501232, "chains": [ "Ethereum", "Arbitrum" ], "rank": 18, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": -0.7809968979501962, "change_7d_pct": -0.23293455101183053, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x73A15FeD60Bf67631dC6cd7Bc5B6e8da8190aCF5", "contract_verified": true, "native_chain": null, "issuer": "Up Only Co (French company, SIREN 919 540 427, registered office 1 rue de Stockholm, 75008 Paris) operates usual.money and app.usual.money. Note: Up Only Co is named in the legal notice as the site operator, not explicitly as the token issuer — Usual presents USD0 as protocol-issued and governed by USUAL token holders, with no single named issuer of record.", "issuer_jurisdiction": "France (operating company); the protocol itself has no incorporated issuer of record", "collateral_model": "A wrapper over OTHER issuers' tokenised Treasury products, not a directly reserved fiat stablecoin. USD0 is minted 1:1 against tokenised T-bill and repo tokens deposited by third-party 'Collateral Providers'. So the reserve is a basket of tokenised securities held on-chain, and USD0 inherits the credit, custody and redemption risk of each underlying issuer rather than holding cash and T-bills itself. DefiLlama's 'fiat-backed' label is wrong in substance.", "collateral_detail": "Per Usual's docs: Hashnote USYC (reverse repo and US government securities, custodied at BNY Mellon) as the primary collateral, plus M0's $M, Superstate's USTBL, and a limited USDC allocation for indirect minting. Usual also describes an EU fiat banking layer run through a licensed European Electronic Money Institution with 102% overcollateralisation in segregated accounts — that is the fiat on/off-ramp layer, not the USD0 reserve itself.", "is_security": false, "is_yield_bearing": false, "attestation": "None published. Usual explicitly positions USD0 as needing no third-party attestor because the collateral is 'on-chain verifiable in real time'. The 20+ audits it cites (Cantina, Sherlock, Spearbit, Halborn, Hexens, Paladin, Blackthorne) are smart-contract security audits, not reserve attestations — do not record them as attestation coverage. Reserve assurance is therefore inherited from the underlying token issuers (e.g. Hashnote/USYC), not performed on USD0.", "regulatory_status": "No authorisation identified for USD0 itself. It does not appear on ESMA's MiCA e-money-token register (22 authorised EMT issuers as of August 2026), so it should not be recorded as a MiCA EMT. Usual's collateral provider Hashnote is CIMA-licensed and CFTC-registered, and Usual references a licensed EU EMI for its banking rails — both are counterparty authorisations, not authorisations of USD0.", "note": "USD0 itself pays no yield; the yield accrues to USD0++, the staked derivative. USD0++ is the depeg history that matters: in January 2025 Usual changed the unstaking/floor-price rules and USD0++ fell sharply below $1, cascading through leveraged loops on Morpho and Pendle. USD0 held its peg, but the incident is the defining risk event for the protocol and is invisible in a supply figure. Second caution: because the reserve is other people's tokenised T-bill tokens, a failure at Hashnote, M0 or Superstate propagates directly into USD0 — it is one layer removed from the Treasuries it advertises. Deployed on Ethereum, Arbitrum, Base and BNB Chain via Chainlink CCIP and LayerZero; the Ethereum contract above is the canonical one and uses an EIP-1967 transparent proxy." }, { "id": "221", "name": "Ethena USDtb", "symbol": "USDTB", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 528710182.66117007, "prev_day": 529060044.3400637, "prev_week": 530065679.37279207, "prev_month": 401189204.8994918, "price": 0.9996047968389247, "chains": [ "Ethereum", "Solana" ], "rank": 19, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 31.785745031107098, "change_7d_pct": -0.25572240655646883, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0xC139190F447e929f090Edeb554D95AbB8b18aC1C", "contract_verified": true, "native_chain": null, "issuer": "Anchorage Digital Bank, N.A. (sole issuer since the October 2025 handover). Ethena Labs created the product, still brands and manages it commercially, and originally issued it through its offshore entity before the transition.", "issuer_jurisdiction": "United States — OCC-chartered national trust bank", "collateral_model": "Reserve is a tokenised money-market fund share plus a small bank-cash buffer, held by the issuing bank in segregated fiduciary trust accounts for the benefit of holders. Per Anchorage's 30 June 2026 attestation: 98.7% BlackRock USD Institutional Digital Liquidity Fund (BUIDL) at fair value, self-custodied by Anchorage in segregated wallets across Ethereum and Solana, redeemable at NAV daily through Securitize; 1.3% USD cash in FDIC-insured demand deposit accounts at US commercial banks (mostly above the $250k insurance limit). No other tokenised Treasury products are held. BUIDL is itself a private, unregistered BVI-domiciled money market fund holding T-bills, notes and repo, so holders' claim is on the bank, whose asset is a fund interest that is a security.", "collateral_detail": "Anchorage states reserves are 'almost entirely invested in BUIDL'; secondary reporting puts it at roughly 90% BUIDL with the balance in other tokenised Treasury products. Assets are held with Anchorage Digital Bank as trustee, segregated from Anchorage's general assets, with no rehypothecation permitted. Securitize is transfer agent and BNY Mellon fund administrator/custodian for the underlying BUIDL.", "is_security": false, "is_yield_bearing": false, "attestation": "Monthly reserve attestations published by Anchorage Digital Bank at anchorage.com/platform/usdtb-reserve-attestations, signed by Deloitte & Touche LLP. AICPA attestation examination (reasonable-assurance opinion on management's assertion), prepared under the AICPA '2025 Criteria for Stablecoin Reporting: Specific to Asset-Backed Fiat-Pegged Tokens' — a point-in-time attestation, not a financial-statement audit and not a controls opinion. Nine reports available, 31 October 2025 through 30 June 2026.", "regulatory_status": "Issued by an OCC-chartered national trust bank under direct federal supervision, within the GENIUS Act framework — marketed as the first federally regulated US stablecoin. This authorisation attaches to the issuer bank, not to a state money-transmitter or NYDFS trust charter.", "note": "Two things a supply figure hides. First, the issuer changed: any source naming Ethena (or its BVI entity) as issuer is stale after October 2025 — Anchorage Digital Bank, N.A. is now the sole issuer, and this was the first ~$2B-scale stablecoin to change issuer. Second, the reserve asset is itself a security: BUIDL is a tokenised Treasury fund with a share price and its own redemption windows, so USDtb's liquidity in stress depends on BUIDL redemption mechanics rather than on selling bills directly. The token pays no yield to holders; reserve yield accrues to the Ethena side, and Anchorage separately offers opt-in rewards on its own platform, which is a distinct product, not a property of the token. Do not confuse with Ethena's USDe (delta-neutral synthetic) — USDtb is the Treasury-backed counterpart, deliberately built as the non-synthetic leg." }, { "id": "406", "name": "Polymarket USD", "symbol": "pUSD", "peg_type": "peggedUSD", "mechanism": "crypto-backed", "circulating": 489828389.2736108, "prev_day": 490658481.3596023, "prev_week": 479851486.147761, "prev_month": 494065369.6419622, "price": 0.9995419872373404, "chains": [ "Polygon" ], "rank": 20, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": -0.8575748531862986, "change_7d_pct": 2.079164786160022, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0xdddD73F5Df1F0DC31373357beAC77545dC5A6f3F", "contract_verified": true, "native_chain": "Plume (Plume mainnet, an Ethereum-aligned RWA L2). Canonical pUSD address on Plume mainnet is 0xdddD73F5Df1F0DC31373357beAC77545dC5A6f3F. Plume's published contract-address list covers only Plume mainnet and Plume testnet — no Ethereum mainnet deployment is listed.", "issuer": "Plume — brand for Plume Foundation SEZC, a Cayman Islands special economic zone company (registered c/o MetaBase58 Cayman Limited, George Town, Grand Cayman); jurisdiction: Cayman Islands. Site footer copyright is Kimber Labs Inc.; pUSD docs name only 'Plume' as the BoringVault manager.", "issuer_jurisdiction": null, "collateral_model": "Not an independently reserved stablecoin — a non-yield-bearing 1:1 wrapper around Circle's USDC. USDC is deposited into a Nucleus BoringVault on Plume and pUSD is minted against it, redeemable 1:1 with no protocol fee and no overcollateralisation. Its backing is therefore Circle's reserve, plus vault and bridge risk on top.", "collateral_detail": "USDC held in a BoringVault (Nucleus) on Plume Chain, verifiable on-chain. Minting routes through TellerWithMultiAssetSupportPredicateProxy (0x6104fe10ca937a086ba7AdbD0910A4733d380cB6), which enforces an off-chain compliance check — OFAC/wallet screening — as part of the mint transaction.", "is_security": false, "is_yield_bearing": false, "attestation": "None published. There is no accountant attestation and no proof-of-reserve feed; assurance is on-chain vault balance only. The BoringVault contracts carry security audits (0xMacro, Spearbit, Pashov, March–December 2024) — those are code audits, not reserve attestations.", "regulatory_status": "None. Plume's docs state no fiat conversion or custody occurs within Plume, positioning pUSD as a tokenised wrapper rather than a regulated e-money instrument. No EMT, trust charter, MTL or MAS authorisation identified.", "note": "Docs attribute issuance to 'Plume' with no named legal entity anywhere in the issuer materials — hence the null on issuer_legal_name rather than a guess at a corporate form. Two things the supply figure hides: (1) pUSD's risk is not its own — it is USDC risk plus smart-contract and bridge risk, so counting it as independent stablecoin supply double-counts USDC that is already counted at Circle; (2) minting is permissioned by a compliance predicate, so it does not behave like an open ERC-20 at the mint boundary. Docs note a staking wrapper is 'under design but explicitly opt-in' — the base token is not yield-bearing. Ticker collision risk: 'pUSD' is also used by unrelated projects; this entry is Plume USD only." }, { "id": "7", "name": "TrueUSD", "symbol": "TUSD", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 483817760.29647666, "prev_day": 483817760.29647666, "prev_week": 483817760.29647666, "prev_month": 483817760.29647666, "price": 0.9986233650979148, "chains": [ "Ethereum", "Tron", "BSC", "Avalanche", "Fantom", "Polygon", "Arbitrum", "Syscoin" ], "rank": 21, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 0, "change_7d_pct": 0, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x0000000000085d4780B73119b644AE5ecd22b376", "contract_verified": true, "native_chain": null, "issuer": "Techteryx, Ltd - a British Virgin Islands company (TrueCoin LLC v Techteryx, Ltd [2024] SGHC 296 at [3]), operating from Asia/Hong Kong. It bought the TUSD business from TrueCoin LLC (a wholly-owned subsidiary of Archblock, Inc., formerly TrustToken) under a Strategic Alliance Agreement dated 2 December 2020, closing on or around 20 January 2021. TrueCoin continued to run minting, redemption and reserve services under a Master Services Agreement until 2023, when Techteryx assumed the offshore operations and the token private keys. Techteryx has directed reserve placement since the 1 April 2021 joint written instruction moving escrow assets from Legacy Trust Company Limited to First Digital Trust Limited, and engages Moore Hong Kong as attestor. Caveat for the dataset: no issuer legal entity is named on tusd.io or in the February 2026 whitepaper.", "issuer_jurisdiction": "Hong Kong-based (Techteryx Ltd is the named claimant in DIFC Courts proceedings DEC 001/2025). Exact country of incorporation not confirmed from a primary source — reporting variously describes it as Hong Kong or BVI, so treat the incorporation detail as unverified.", "collateral_model": "Fiat-backed in name — USD cash and cash equivalents held by third-party fiduciaries and banking partners, with no direct issuer custody. In practice a material share of reserves was placed in non-cash, illiquid fund investments, so the fiat-backed label has not held historically.", "collateral_detail": "Reserves are held through appointed fiduciaries rather than by Techteryx directly. The critical disclosed fact: roughly $456M of reserves routed via First Digital Trust into what was meant to be the Cayman-registered Aria Commodity Finance Fund was allegedly diverted instead to Aria Commodities DMCC in Dubai, and became unredeemable from around 2022. Techteryx said in 2026 it had raised the reserve ratio to 100% with assets held in the United States.", "is_security": false, "is_yield_bearing": false, "attestation": "Daily attestations by Moore Hong Kong, published at tusd.io/transparency, plus a Chainlink Proof of Reserve feed on Ethereum (standard reporting interval once per day, ad-hoc as frequent as 30 seconds). Important caveat: this is high-frequency but narrow — the attestor aggregates balance data it is shown by the fiduciaries, which is precisely the layer where the $456M problem occurred. Frequency of attestation should not be read as strength of assurance here.", "regulatory_status": "None identified. No US money-transmitter licence, no NYDFS trust charter, no MiCA e-money-token authorisation and no MAS authorisation for TUSD. Issuance is offshore and unlicensed. (TUSD was accepted as legal tender in Dominica in 2022 — that is acceptance, not an issuance licence.)", "note": "The entry in this batch where the supply figure most understates the risk. Chain of events: SEC charged TrueCoin and TrustToken in September 2024 over the unregistered offering and misrepresenting that TUSD was fully backed by US dollars; court filings in April 2025 revealed Justin Sun had bailed out TUSD while ~$456M of reserves sat frozen; TUSD briefly depegged in January 2025; a Dubai court froze $456M of Aria assets in September 2025 and DIFC litigation (Techteryx Ltd v Aria Commodities DMCC and three banks) was still live into 2026; Archblock/TrustToken/TrueCoin filed Chapter 11 in 2026 over unpaid invoices from Techteryx. Etherscan still lists the official site as trueusd.com and the issuer as 'TrustToken', which is stale and wrong — TrustToken has not controlled TUSD since 2020. Anyone reading only supply and a 'fiat-backed, daily attested' label is being materially misled." }, { "id": "340", "name": "Multipli rwaUSDi", "symbol": "rwaUSDi", "peg_type": "peggedUSD", "mechanism": "crypto-backed", "circulating": 473412911.26785916, "prev_day": 471573492.02021354, "prev_week": 487858350.46811944, "prev_month": 355048162.0884873, "price": 0.9996843737204361, "chains": [ "Ethereum", "Base", "Monad", "Arbitrum", "Robinhood Chain", "X Layer", "Pharos" ], "rank": 22, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 33.337660018606776, "change_7d_pct": -2.960990456840456, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0xa39986f96b80d04e8d7aeaaf47175f47c23fd0f4", "contract_verified": true, "native_chain": "Reported by third parties as live on Ethereum, Base and Arbitrum, but Multipli's own documentation publishes no rwaUSDi token address on any chain. The only addresses the issuer publishes are for the sibling token rwaUSD: 0x8Fcd23142047A3073ed332a0Ed07d1e8D2BD5177 on Ethereum mainnet and 0x272Ec977f4575df41cD47b1b254954E1C7972789 on Base. Do not substitute those for rwaUSDi — they are a different liquidity class.", "issuer": "Issuer: BRS Tech Services (trading as Multipli / Multipli.fi), named as the contracting party in both the Standard Website Terms of Use and the Protocol Terms of Use. Incorporation jurisdiction not disclosed in issuer material; governing law England and Wales, disputes to DIAC arbitration seated in the DIFC, Dubai, UAE; US and Canadian persons excluded. Record the entity as established-but-jurisdiction-undisclosed rather than 'not established'.", "issuer_jurisdiction": null, "collateral_model": "Overcollateralised crypto/RWA debt position — a MakerDAO/DSS-style CDP system, not a reserved stablecoin. The published contract suite is a Maker fork (Vat, Spotter, Jug, Vow, Dog, Cure, End, Clipper, DssCdpManager), so units are minted as debt against deposited collateral. What distinguishes the 'i' class: rwaUSDi is the ILLIQUID tier, minted against private credit, private equity, structured funds and vehicles with delayed redemption windows — collateral that cannot be liquidated on demand.", "collateral_detail": "Per Multipli's docs, rwaUSD accepts only deeply liquid institutional collateral (tokenised T-bills, tokenised stablecoins, spot-verified tokenised gold), while rwaUSDi is deliberately segmented into isolated liquidity classes for private-markets assets with defined redemption schedules and explicit counterparty relationships. Multipli does not itself tokenise the assets. Depeg risk is said to be covered by insurance from a provider named 'Realm' — terms, limits and insurer identity are not disclosed.", "is_security": false, "is_yield_bearing": false, "attestation": "No accountant attestation published. Assurance is a Chainlink Proof of Reserves feed — for rwaUSDi this is stated to run on Monad; rwaUSD has NAV feeds on Ethereum, Base and Ink and a PoR feed on Ink. An oracle feed reporting collateral value is not an audit of the underlying private-credit assets.", "regulatory_status": "None identified. No issuing licence, no EMT authorisation, no trust charter. Multipli's published legal documents are website and protocol terms of use (V2, June 2026) and do not name an authorised issuer.", "note": "Weakest-sourced entry in this batch, and the one most likely to be misfiled. Three cautions. (1) It is not a payment stablecoin and should not be shown beside USDC/USDT: it is a borrow-against-illiquid-RWA token whose collateral has scheduled redemption windows, so redemption in stress is by design not immediate — the failure mode is a gated redemption queue, not a reserve shortfall. (2) Identity ambiguity: aggregators may be tracking different things under this ticker. DefiLlama's RWA entry is titled 'Artificial Financial Intelligence rwaUSDi (afi-rwaUSDi)' — an AFI Protocol proof-of-reserve vault wrapper reported at around $20M backed by Multipli reserves — which is not the same object as Multipli's own rwaUSDi (reported near $300M across chains). A supply figure may be conflating rwaUSD, rwaUSDi and the AFI wrapper. (3) Issuer is unnamed in the issuer's own materials; one secondary source names 'Chainrekt Technologies Inc.' as the operating entity, which I could not corroborate and so have not recorded. Docs state rwaUSD 'does not promise yield, it enables it' — the base token is not yield-bearing; returns come from deploying it." }, { "id": "50", "name": "EURC", "symbol": "EURC", "peg_type": "peggedEUR", "mechanism": "fiat-backed", "circulating": 458767652.482124, "prev_day": 448287883.0327722, "prev_week": 452678161.3214225, "prev_month": 457429631.07543373, "price": 1.159018005406841, "chains": [ "Ethereum", "Base", "Solana", "Avalanche", "Stellar", "World Chain", "Cronos", "Tempo" ], "rank": 23, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 0.2925086867557099, "change_7d_pct": 1.3452142561782723, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x1aBaEA1f7C830bD89Acc67eC4af516284b1bC33c", "contract_verified": true, "native_chain": null, "issuer": "Circle Internet Financial Europe SAS ('Circle France'), RCS Paris 953 990 934, registered office 4 rue de Marivaux, 75002 Paris. Parent: Circle Internet Group, Inc. The token was originally launched as Euro Coin by Circle's US entity, Circle Internet Financial, LLC, before EU issuance moved to the French entity.", "issuer_jurisdiction": "France (EU); parent group in the United States", "collateral_model": "E-money token under MiCA, fully reserved. Reserve is held entirely as cash in segregated euro-denominated accounts at regulated financial institutions (bankruptcy-remote from Circle's corporate funds) — no sovereign debt or repo in the reported composition, unlike USDC, whose reserve is mostly short-dated Treasuries. Redeemable at par 1:1 for euro on demand; not a fund, not yield-bearing (MiCA forbids paying interest on an EMT).", "collateral_detail": "Euro cash deposits at regulated European credit institutions, plus short-duration euro-denominated sovereign debt (primarily eurozone treasury bills) and overnight reverse repos collateralised by eurozone sovereigns. Reserves are segregated from Circle's operating funds and held in bankruptcy-remote form.", "is_security": false, "is_yield_bearing": false, "attestation": "Monthly reserve attestation reports published by Circle at circle.com/transparency, performed by an independent accounting firm. Note: sources I read disagreed on which firm currently signs the EURC reports (Deloitte in most, Grant Thornton in one), and Circle's own transparency page blocked automated retrieval, so I could not confirm the current signing firm first-hand.", "regulatory_status": "MiCA e-money token (EMT). Circle France is authorised by the French ACPR as an electronic money institution under articles L.526-1 et seq. of the Code monétaire et financier; the licence was granted 1 July 2024, making Circle the first global stablecoin issuer compliant with MiCA. The EURC MiCA white paper was notified to the ACPR on 31 May 2024 and amended 12 September 2024 and 24 December 2025.", "note": "Euro-denominated, so a ~1.16 USD unit price is the peg working, not a premium — comparing its supply in USD terms against dollar stablecoins requires an FX conversion. Under MiCA an e-money token may not pay interest to holders, so EURC structurally cannot be yield-bearing in the EU. Also on Avalanche, Base, Cronos, Plasma, Solana, Stellar and World Chain; note the older, unrelated ERC-20 at 0xcFCE21E4E24426361BA442797cF2afF92bCA31a3 that some aggregators still surface as 'EuroCoin' — the canonical Circle EURC on Ethereum is the 0x1aBaEA1f… address above." }, { "id": "258", "name": "A7A5", "symbol": "A7A5", "peg_type": "peggedRUB", "mechanism": "fiat-backed", "circulating": 451983872.37826407, "prev_day": 451979155.8430505, "prev_week": 451965028.8871956, "prev_month": 451906489.9163686, "price": 0, "chains": [ "Tron", "Ethereum" ], "rank": 24, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 0.017123556227259872, "change_7d_pct": 0.004169236525860828, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x6fA0BE17e4beA2fCfA22ef89BF8ac9aab0AB0fc9", "contract_verified": true, "native_chain": null, "issuer": "Old Vector LLC (ОсОО «Олд Вектор»), registration number 311479-3301-ООО, incorporated 13 December 2024", "issuer_jurisdiction": "Kyrgyz Republic", "collateral_model": "Fiat-backed, RUB-denominated, 1:1 peg to the Russian rouble, and yield-bearing — but reserves are held as a rouble balance in a CURRENT (demand) bank account at a sanctioned major Russian state-owned bank, not in term/overnight deposits, and prior to July 2025 they were held by a third-party collateral provider (A7-Kyrgyzstan) with the issuer carrying only a notional-value receivable against it. Yield is paid by daily rebase at an administered rate (50% of daily income until 9 Feb 2026; thereafter CBR key rate minus 1pp), not as a direct pass-through of interest earned. Tokens are booked by management as 'refund liabilities, repayable on demand, recorded at contractual redemption value'.", "collateral_detail": "Issuer docs say only 'fiat deposits in Russian Roubles held in top-tier banks with a correspondent network connected to the Kyrgyz Republic' and name no bank. Sanctions listings (EU/UK/US) state the reserves sit in accounts at Promsvyazbank (PSB), a Russian state-owned bank, and that A7A5 was co-created with PSB and partly financed by VEB.RF.", "is_security": false, "is_yield_bearing": true, "attestation": "Not an audit. Point-in-time reasonable-assurance engagements under ISAE 3000 (Revised) on a management-prepared reserves report, with an explicit scope limited to bank/collateral-provider confirmation letters and a ledger-to-chain reconciliation, and an explicit statement that the issuer's financial statements are not audited. Kreston Bishkek LLC (Bishkek, IRN 2101006) signed only the 31 Mar 2025 report; the most recent published one, as at 4 Jul 2025, was signed by Anderson Qazaqstan TOO. Cadence is irregular/ad hoc rather than verifiably quarterly, and neither report is currently reachable on a7a5.io — the linked transparency URL and both PDF paths are dead.", "regulatory_status": "Issued under the Kyrgyz Republic's virtual-asset legislation; the issuer claims to be 'registered and regulated in accordance with Kyrgyzstan's legislation'. No MiCA, NYDFS, MAS or US authorisation. Conversely, the issuer is under sanctions: OFAC SDN designation 14 August 2025, UK (FCDO) 20 August 2025, EU 23 October 2025, plus Canadian, Swiss, Australian, Ukrainian and other lists.", "note": "Three things a supply figure alone hides. (1) It is not a dollar stablecoin — it tracks the Russian rouble, so a ~0.012 USD unit price is the peg working correctly, not a depeg. (2) The issuer is sanctioned by the US, UK and EU; US persons are prohibited from dealing in it, and a dozen-plus associated addresses are blocked. (3) It is yield-bearing: since February 2026 the protocol pays holders the Bank of Russia key rate minus 1 percentage point (≈15% at a 16% key rate). Also: no new issuance since July 2025 and daily volume fell ~96% from its July 2025 peak; primary venue Grinex went offline in April 2026 after a ~$15m breach. Deployed on Ethereum and TRON (TRC-20 TLeVfrdym8RoJreJ23dAGyfJDygRtiWKBZ). A separate wrapped ERC-20 exists at 0xF442fF10b8deF89514560A66C0AD28777094636a (an earlier wrapper, 0x0d57436f2d39c0664c6f0f2e349229483f87ea38, is deprecated per the issuer) — do not treat wrapper supply as additional issuance. One caveat on the issuer name: an AI-generated answer from the issuer's own GitBook returned 'Limited Liability Company A7-KYRGYZSTAN', which conflicts with the Old Vector LLC name used by OFAC, the EU, Elliptic and Chainalysis; I have used Old Vector LLC, which is the documented designated entity." }, { "id": "272", "name": "YLDS", "symbol": "YLDS", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 446015154.4504832, "prev_day": 447019940.49793035, "prev_week": 678076961.1673069, "prev_month": 629855955.1059377, "price": 1.0001457147527875, "chains": [ "Provenance", "Stellar" ], "rank": 25, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": -29.187753035459302, "change_7d_pct": -34.22352033865451, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": null, "contract_verified": false, "native_chain": "Provenance Blockchain (native, Feb 2025); also deployed to Solana (Nov 2025) and Stellar (May 2026), with Sui announced. No Ethereum mainnet deployment found.", "issuer": "Figure Certificate Company (FCC), a subsidiary of Figure Markets Holdings, Inc.", "issuer_jurisdiction": "United States — registered with the SEC as a face-amount certificate company under Section 28 of the Investment Company Act of 1940 (EDGAR CIK 1974395)", "collateral_model": "Registered face-amount certificate — a debt security of the issuer, not a payment token. Holders are unsecured creditors of Figure Certificate Company and are backed by FCC's own balance-sheet assets, not by a segregated 1:1 reserve with a redemption promise.", "collateral_detail": "ylds.com states the certificates are 'solely backed by the assets of Figure Certificate Company', consisting primarily of short-duration debt securities managed by Figure Investment Advisors, LLC, with roughly 100.5% coverage claimed. Press coverage describes the portfolio as the kind of short-term Treasury/prime-money-market instruments a prime MMF holds. Yield is SOFR minus 35 bps.", "is_security": true, "is_yield_bearing": true, "attestation": "No crypto-style reserve attestation. Instead, the 1940 Act registration carries audited financial statements, a filed prospectus (SEC Form S-1 / Rule 497 prospectus dated 2025-02-20) and ongoing SEC reporting obligations. This is a stronger regime than a monthly attestation, but it is not a reserve attestation and should not be listed as one.", "regulatory_status": "SEC-registered face-amount certificate company under the Investment Company Act of 1940 — the first new registrant in that category in over 25 years. The certificates themselves are registered securities. FCC holds no money-transmitter licence, no trust charter and no MiCA authorisation, because it is not a payment stablecoin issuer.", "note": "The single most misleading entry in this batch if read as a stablecoin. ylds.com states it plainly: 'YLDS is a registered fixed-income security, not a stablecoin.' Anyone treating a supply figure here as stablecoin float is counting a registered debt security. Access is gated — verified/onboarded holders only, transferable peer-to-peer and on a registered ATS, not freely tradable like an ERC-20. Parent Figure Technology Solutions, Inc. listed on Nasdaq (FIGR) in September 2025; Figure Markets Holdings, Inc. was merged in as an operating subsidiary in July 2025, so FCC sits inside a listed group though FCC itself is private. Ticker collision risk: 'YLDS' also appears as a generic yield-token ticker elsewhere — this entry is Figure's certificate only." }, { "id": "119", "name": "First Digital USD", "symbol": "FDUSD", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 333854686.94989157, "prev_day": 335068450.0225719, "prev_week": 346778803.01994675, "prev_month": 349564079.6382383, "price": 0.9983077869474948, "chains": [ "Ethereum", "BSC", "Sui", "Solana", "Arbitrum", "TON" ], "rank": 26, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": -4.4939951223261545, "change_7d_pct": -3.726904861976754, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0xc5f0f7b66764F6ec8C8Dff7BA683102295E16409", "contract_verified": true, "native_chain": null, "issuer": "FD121 (BVI) Limited, trading as First Digital Labs (previously FD121 Limited, Hong Kong). Reserve custody is provided by a separate entity, First Digital Trust Limited.", "issuer_jurisdiction": "British Virgin Islands, following a transition announced 15 August 2025 from the original Hong Kong issuing entity. Reserves remain custodied in Hong Kong by First Digital Trust Limited.", "collateral_model": "Fiat-backed reserve stablecoin. Reserves are short-dated US Treasury bills (~85%), Treasury-backed overnight reverse repurchase agreements (~10-12%), plus bank cash balances and fixed deposits (~3-5%), held in segregated reserve accounts by First Digital Trust Limited (Hong Kong TCSP/registered trust company) across banks in HK, Singapore, Australia, Canada, Luxembourg and the US. The custodian is an affiliate of the issuer within First Digital Group, not an independent trustee, and under the FDD Terms the reserves are beneficially owned by FD121 — segregated-account custody by a group company rather than bankruptcy-remote trust property held for tokenholders. Direct 1:1 redemption is restricted to onboarded institutional clients; retail exit is via secondary markets, and the issuer may delay or suspend redemptions.", "collateral_detail": "Short-dated US Treasury bills (roughly 85%), overnight reverse repurchase agreements collateralised by Treasuries (roughly 10-12%), and cash at banks (roughly 3-5%), per First Digital's attestation disclosures; reports identify individual T-bill holdings by ISIN. The January 2026 report (released 19 February 2026) showed $456.1m tokens outstanding against $457.9m net reserve assets.", "is_security": false, "is_yield_bearing": false, "attestation": "Monthly point-in-time attestation reports by Prescient Assurance. These are attestations, not full financial audits, and Prescient is a small firm rather than a Big Four — a materially weaker regime than the token's size implies.", "regulatory_status": "No stablecoin issuer licence. FD121 (BVI) Limited is not licensed under Hong Kong's Stablecoins Ordinance — the HKMA's first licences, granted 10 April 2026, went to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited, not to First Digital. The custodian, First Digital Trust Limited, is a registered public trust company under Hong Kong's Trustee Ordinance (Cap. 29) and a licensed TCSP under Cap. 615, but that authorises custody and trust business, not stablecoin issuance.", "note": "Created in 2023 to fill the gap left by BUSD's wind-down, largely as Binance's house stablecoin, and its supply has tracked that dependency downward ever since — roughly $226m on Ethereum as of 31 August 2026 against multi-billion peaks. It briefly depegged in April 2025 after Justin Sun publicly alleged the issuer was insolvent; First Digital denied it and the peg recovered, but the episode is the reason the attestation firm's identity matters here. The Ethereum contract is a TransparentUpgradeableProxy (EIP-1967), so the implementation behind this address can be changed by the proxy admin. Also deployed on BNB Chain, Solana, Sui and Arbitrum, so Ethereum supply is a fraction of the total." }, { "id": "12", "name": "Neutrino USD", "symbol": "USDN", "peg_type": "peggedUSD", "mechanism": "algorithmic", "circulating": 408891137.096548, "prev_day": 408891137.239405, "prev_week": 408891137.95369, "prev_month": 408891140.81083, "price": 0, "chains": [ "Waves", "Ethereum", "BSC", "Polygon" ], "rank": 27, "retrieved_at": "2026-09-02T00:17:48.214Z", "change_30d_pct": -9.08379176143944e-7, "change_7d_pct": -2.0962595958370037e-7, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": null, "contract_verified": false, "native_chain": "Noble, a Cosmos SDK application-specific chain", "issuer": "NASD, Inc. (operating as Noble) — Delaware, United States. Registered address 850 New Burton Road, Suite 201, Dover, Kent County, DE 19904; notice address 1919 14th Street, Suite 700, Boulder, CO 80302; Delaware governing law, Wilmington DE venue. Sources: dollar.noble.xyz/terms-of-use and noble.xyz Terms & Conditions. Caveat to record alongside it: NASD Inc. is the operator of the Noble chain and the USDN frontends; the tokens themselves are minted by the chain's x/dollar module, and the underlying $M is issued by M^0's minters (MXON, Superstate) — so NASD is the responsible corporate party, not a reserve-holding issuer.", "issuer_jurisdiction": null, "collateral_model": "Yield-bearing second-order wrapper, not a directly reserve-backed stablecoin. USDN is an extension of M^0's $M: $M is locked on Ethereum through M^0's Portal (Wormhole NTT) and USDN is minted against it on Noble. The T-bill collateral sits with M^0's collateral partners, so a USDN holder's claim runs through the M^0 protocol rather than against a Noble-held reserve account. Holders earn the Treasury yield by claiming accrued rewards.", "collateral_detail": "Short-term US Treasury bills backing $M, held by M^0 collateral partners (named partners include MXON and Superstate), with the protocol requiring over-100% collateralisation of $M issuance. Noble itself does not hold a separate reserve account.", "is_security": false, "is_yield_bearing": true, "attestation": "No reserve attestation published by Noble for USDN itself that I could locate. Collateral disclosure lives at the M^0 protocol level, one layer removed from the token in this dataset. Treat this as 'none published by the issuer'.", "regulatory_status": "None identified. Noble holds no stablecoin issuer authorisation I could find — no MiCA EMT registration, no NYDFS charter, no US money transmitter licence surfaced in the sources I read.", "note": "Two traps here. First, the ticker: USDN was also the symbol of Neutrino USD, the Waves-based algorithmic stablecoin that broke its peg in April 2022 and was renamed XTN in 2023 — a legacy Neutrino ERC-20 still exists on Ethereum mainnet and is a completely different asset. Anyone matching 'USDN' to an Ethereum address will pick up the wrong token, which is why this row returns null rather than an address. Second, the security question: USDN pays holders a Treasury-derived return and is not a registered fund, but I found no issuer legal analysis or offering document either way, so I have left is_actually_a_security null rather than guess. It is not a payment stablecoin with a par redemption promise from a regulated issuer, and should not be grouped with USDC/GUSD-type entries." }, { "id": "306", "name": "Gate USD", "symbol": "GUSD", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 319582593.6516203, "prev_day": 319582593.6516203, "prev_week": 319582593.6516203, "prev_month": 319582593.6516203, "price": 0.9986956051613136, "chains": [ "Ethereum" ], "rank": 27, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 0, "change_7d_pct": 0, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x056Fd409E1d7A124BD7017459dFEa2F387b6d5Cd", "contract_verified": true, "native_chain": null, "issuer": "Gemini Trust Company, LLC (NMLS #1518126)", "issuer_jurisdiction": "New York, United States — a limited purpose trust company chartered and supervised by the New York State Department of Financial Services. Parent: Gemini Space Station, Inc.", "collateral_model": "Cash and T-bills held in reserve against a par-redeemable payment stablecoin, issued by a state-chartered trust company. Reserves are held for the benefit of holders at third-party institutions, not lent out.", "collateral_detail": "Each GUSD corresponds to one US dollar held as deposits at FDIC-insured US banks, as money market funds invested in US Treasury obligations, or as US Treasury obligations directly. Gemini names State Street Bank and Trust Company, Goldman Sachs and Fidelity among the institutions holding reserves.", "is_security": false, "is_yield_bearing": false, "attestation": "Monthly attestation examinations by BPM LLP, an independent registered public accounting firm, performed on one randomly selected business day each month — the random-date element is unusual and meaningfully stronger than a pre-announced month-end snapshot. Reports are published.", "regulatory_status": "NYDFS-approved stablecoin since September 2018, issued by an NYDFS-chartered limited purpose trust company. One of the first stablecoins to be issued under an explicit regulatory approval rather than alongside one.", "note": "The regulatory pedigree is the strongest in this batch and the supply is among the smallest — GUSD is a low-hundreds-of-millions token, so it will sit far down a supply-ranked table despite better disclosure than several larger entries. GUSD itself pays no yield; third-party exchanges have marketed yield-bearing products built on top of it, and those wrappers are not the same instrument. Corporate context worth flagging: parent Gemini Space Station, Inc. listed on Nasdaq under GEMI on 12 September 2025, and in February 2026 announced a restructuring including a ~25% workforce reduction and exits from the UK, EU and Australian markets — the issuing trust company is US-regulated and unaffected in charter terms, but the group is contracting." }, { "id": "430", "name": "SoFiUSD", "symbol": "SOFID", "peg_type": "peggedUSD", "mechanism": "fiat-backed", "circulating": 312991167.8728196, "prev_day": 314527322.9705962, "prev_week": 315609085.2389098, "prev_month": null, "price": 0.9992255208490582, "chains": [ "Solana", "Ethereum", "Polygon", "Monad", "Tempo" ], "rank": 28, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": null, "change_7d_pct": -0.8294809904184054, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins", "contract": "0x0CB6d03B0aC88A463F67B7Ad99f9f3ec4678092E", "contract_verified": true, "native_chain": null, "issuer": "SoFi Bank, N.A. Parent: SoFi Technologies, Inc.", "issuer_jurisdiction": "United States — a national bank chartered and regulated by the Office of the Comptroller of the Currency (OCC)", "collateral_model": "Cash and cash equivalents held by an OCC-chartered national bank against a 1:1 redeemable payment stablecoin. Distinct from the trust-company and offshore models elsewhere in this batch: the reserve sits with a supervised US national bank — but SoFi states explicitly that SoFiUSD is not a deposit and is not FDIC-insured, so it is a bank-issued liability without deposit protection.", "collateral_detail": "Backed 1:1 by cash or cash equivalents; SoFi Bank states it maintains liquid assets to support all outstanding SoFiUSD. The announcement does not break the reserve into instrument types the way Circle or First Digital do.", "is_security": false, "is_yield_bearing": false, "attestation": "Regular attestations performed by an independent Certified Public Accountant licensed in the United States. The announcement I read does not state the frequency or name the firm — so 'attested, cadence and firm undisclosed in the source I read'.", "regulatory_status": "Issued directly by a nationally chartered US bank supervised by the OCC — described as the first stablecoin issued by a US national bank on a public blockchain. The announcement I read does not name the GENIUS Act or a specific payment-stablecoin authorisation, so the authority here is the bank charter itself rather than a separate stablecoin licence.", "note": "Launched on Ethereum in December 2025 on BitGo's stablecoin-as-a-service platform, with Solana added on 2 April 2026 as the settlement layer for SoFi's enterprise banking product; Ethereum supply is therefore only part of the total. The ERC-20 carries built-in compliance hooks (freeze/block capability), so balances are not unconditionally transferable. The important disclaimer to carry into any table: despite a national bank issuer, SoFiUSD is expressly not a deposit, not FDIC or SIPC insured, not bank guaranteed, not legal tender, and may lose value. One address caution: a SoFiUSD test deployment at 0x5572728E36b5510010Ade1DB6bBAEa1c402411cc circulates in search results — that is on the Hoodi testnet, not Ethereum mainnet." }, { "id": "354", "name": "apxUSD", "symbol": "apxUSD", "peg_type": "peggedUSD", "mechanism": "crypto-backed", "circulating": 311934254.2786317, "prev_day": 311922733.1586348, "prev_week": 311824724.27874154, "prev_month": 311994228.52428883, "price": 0.9619063771970637, "chains": [ "Ethereum", "Base", "BSC" ], "rank": 29, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": -0.019222870224497427, "change_7d_pct": 0.03512550204076803, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins" }, { "id": "110", "name": "crvUSD", "symbol": "crvUSD", "peg_type": "peggedUSD", "mechanism": "crypto-backed", "circulating": 284500819.75302786, "prev_day": 283379928.4091316, "prev_week": 304956912.19812256, "prev_month": 226131280.48517728, "price": 0.9992757110967418, "chains": [ "Ethereum", "Arbitrum", "OP Mainnet", "Base", "Fraxtal", "Sonic", "Polygon", "Gnosis" ], "rank": 30, "retrieved_at": "2026-09-02T15:18:08.072Z", "change_30d_pct": 25.81223576968895, "change_7d_pct": -6.707863185539114, "asset": null, "issuer_company": null, "source": "DefiLlama", "source_url": "https://defillama.com/stablecoins" } ] }